Friday, 31 March 2023

Pace and Zalora partner to offer BNPL in Southeast Asia

5 min read

Pace Enterprise (Pace), a fintech solutions company that enables customers to 'buy now pay later' (BNPL) announced a regional partnership with Asia’s online fashion and lifestyle destination, Zalora.

The partnership allows Zalora to activate Pace’s payment infrastructure at checkout, providing consumers with a new shopping experience.

To make a purchase, consumers will need to select Pace at the Zalora website or mobile webpage during checkout and will be directed to the Pace website to complete the payment. Payment via Zalora app will also be available later this year. New Pace users will need to register for a new account while existing users can simply log into their Pace account to complete the payment. Pace will then automatically split the transaction into three interest-free instalments.

As part of the launch promotion, Pace is offering up to SGD 20 ($14.6) or MYR 40 ($9.5) off purchases on Zalora when users checkout with Pace with minimum spend of SGD 100 ($73.1) and MYR 200 ($47.5) in Singapore and Malaysia respectively, from 11 to 31 March 2022. Additionally, Pace users can also enjoy Pace Perks, which gives users redeemable points for future purchases.

Kannan Rajaratnam, regional director of payment and customer operations of Zalora said, “With Pace, we’ll be adding another safe and secure payment option for our customers in Southeast Asia. Zalora is committed to providing our shoppers more options as the region continues to embrace digital retail for all their fashion and lifestyle needs. Zalora shoppers can shop with ease and peace of mind while having the ability to manage their finances in a transparent and responsible manner. By working with Pace, we continue to connect more people to the limitless world of online shopping".

Turochas "T" Fuad, Pace’s founder and CEO said, “Over the past decade, Zalora has transformed the online fashion landscape and we’re excited to be a part of their growth story. For Pace, it marks a major milestone and allows us access to a new group of e-commerce shoppers through Zalora. By offering transparency, control and flexibility, our goal is to offer a more sustainable way of shopping”.

Pace is currently available to Zalora customers in Singapore and Malaysia. Early results from Singapore and Malaysia show an estimated 30% rise in average spend. The partnership also saw an increase in customer acquisition for both Zalora and Pace, with about 20% of Pace transactions being made by new Zalora customers.

Pace remains on track to reach its goal of one million users by the end of 2022. Pace also aims to have an annualised gross merchandise value (GMV) of $1 billion by end 2022 as well.

Re-disseminated by The Asian Banker

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